news - Corporate
Skip to Content

13th annual market survey of French financial advisors and their clients

12 September 2019

Financial advisors ready to help clients take advantage of opportunities introduced by changes in French legislation 


BNP Paribas Cardif has published the results of its 13th annual market survey of French financial advisors and their clients[i]. Conducted in France with KANTAR, one of the world’s leading market research agencies, the 2019 survey by BNP Paribas Cardif focuses on the expectations of financial advisors and their clients following the adoption of France’s “PACTE” law on Business Growth and Transformation[ii]


Financial advisors believe that pension savings reforms included in the PACTE legislation will create growth opportunities 

70% of the financial advisors view the PACTE law as a business development opportunity, confident that it will generate client contacts and energize their pension savings activity. 

This perception is accentuated by the significant need for support manifested by clients, who generally have a limited understanding of the measures in the law. Only 10% of the financial advisors’ clients say they are familiar with the main measures in the law. This creates substantial demand for support, since four out of ten clients intend to contact their financial advisor to obtain information and advice regarding this issue. Nine percent of them have already discussed the PACTE law with their financial advisor. Furthermore, 59% of the clients cite tax issues at the top of the list of subjects about which they expect advice from their financial advisor. Pension savings is another priority issue, cited by 31% of the clients, who are counting on their financial advisor to provide them with information.

Financial advisors anticipate changes in the savings behaviour of their clients due to the measures in the PACTE law. Some 54% of them believe the law will have a positive impact on inflows. Over 30% of clients could be motivated to change their savings habits due to the PACTE law: 19% say they are thinking about opening a pension savings plan and 13% say they are considering increasing their contributions to existing plans. The measure cited by clients and prospects as creating the strongest incentives is the possibility of choosing between different exit options at retirement, either an annuity or capital withdrawals with attractive tax benefits. 

These expected shifts in savings behaviour can be attributed to changes anticipated last year following the introduction of France’s new real estate wealth tax (Impôt sur la Fortune Immobilière – IFI). Eighteen months after its introduction, the real estate wealth tax has had a significant impact on decisions to choose either investments in property or financial assets. Over a quarter of financial advisors’ clients have either changed their investment choices or have invested more in financial assets than in property. The impact of this measure is even more marked for higher net worth clients. Forty-two percent of clients with assets in excess of 500,000 euros opted for financial investments rather than property, and 32% of them changed their investment choices.

In this favourable context, 82% of financial advisors are confident in the development outlook for their business. This confidence is reinforced by the fact that their recognition has risen significantly - from 55% in 2018 to 68% in 2019 – and their image capital is trending positively: 33% of their clients have a very good image of financial advisors, compared with 24% in 2018.


Growing importance of Socially Responsible Investing (SRI) 

Socially responsible investing is gaining traction in France and offers very significant growth potential[iii]. Awareness of socially responsible investing has increased as well.[iv] In addition to still decisive criteria such as security and yield, over a quarter of financial advisors’ clients consider socially responsible investing as a primary factor when they invest in life insurance vehicles.

However, financial advisors seem to underestimate the importance of the SRI facet of investment choices. Over half of their clients and prospects think that the socially responsible aspect of funds is important, while SRI is viewed as important by only 35% of the financial advisors. SRI has become a criteria that should not be overlooked and has the potential for creating differentiation. In fact, 40% of the financial advisors already offer one or more SRI funds and 27% plan to add SRI investments to their range.


Financial advisors and their clients now make extensive use of digital resources 

Financial advisors already call on digital solutions extensively for various aspects of their business. On average they use four digital solutions: 84% of them use online subscription tools, 71% employ digital resources for their advisory services, and 68% resort to aggregators. Although usage is increasing, fewer advisors resort to policy comparison tools (40%). The level of satisfaction among the advisors regarding the digital solutions available to them has increased to 69% from 56% in 2018.

Financial advisors still underestimate the appetite of their clients for digital solutions. They estimate that about half their clients are ready to execute all-digital transactions, whereas the survey results show that 61% of their clients are favourable to all-digital channels. 

“Financial advisors are clearly ready to take advantage of the opportunities created by France’s recently introduced PACTE legislation. They recognize that their clients need their support and have positioned themselves as essential partners able to provide advice and guide changes to their clients’ investment strategies. The financial advisors definitely enjoy solid assets, notably a marked increase in both recognition and image capital during the year. To ensure long-term impact, however, they also need to go further and not underestimate either the digital maturity of their clients or their interest in meaningful investment solutions. These are both fundamental issues that the financial advisors are progressively integrating,” says Pascal Perrier, Director of Financial Advisor Networks – Brokers & Digital Business, BNP Paribas Cardif France.

Download the press release

[i] : Methodology: telephone survey conducted by KANTAR between 13 May and 31 May 2019 covering:

-          a representative sample group of 303 financial advisors (sample group validated as representative using quotas on size of business and region)

-          a sample group of 501 clients and prospects of financial advisors with financial assets of 75,000 euros or more (sample group validated as representative using quotas for gender, age, region and personal savings assets).

[ii] PACTE : Plan d'Action pour la Croissance et la Transformation des Entreprises – Action Plan for Business Growth and Transformation

[iii] Study by BNP Paribas Asset Management / Kantar TNS conducted in December 2018 

[iv] In 2018, 56% of people in France with assets of over €50,000 knew what socially responsible investing was, compared with 47% in 2017 (Study by BNP Paribas Asset Management / Kantar TNS conducted in December 2018 )

Bancassurance : BNP Paribas Cardif and Scotiabank announce Strategic Alliance in Latin America to protect approximately 9 million customers

25 July 2019


BNP Paribas Cardif, the insurance unit of BNP Paribas, and Scotiabank, Canada's international bank and a leading financial services provider in the Americas, announce that they have entered into a long-term bancassurance strategic alliance in Latin America.

The 15-year strategic alliance between BNP Paribas Cardif and Scotiabank involves the development of protection and insurance solutions to be distributed to Scotiabank’s growing 9 million customers in Chile, Colombia, Mexico and Peru. Supported by BNP Paribas Cardif’s multichannel and analytics expertise, Scotiabank will offer innovative solutions and create new experiences for its customers in the Pacific Alliance Countries. The respective local agreements will be signed in each country in the following weeks, subject to regulatory approvals as applicable.

 “As a leading bank in the Pacific Alliance, Scotiabank is committed to the region and we are excited to be able to jointly serve our retail customers across the region with world-class protection solutions that enhance the banking and insurance experience,” said Ignacio (Nacho) Deschamps, Group Head, International Banking & Digital Transformation at Scotiabank.

“This regional strategic alliance marks the beginning of a new phase for the insurance business in our main markets in Latin America, offering an integral value proposition for our customers using digital technology,” continued Ignacio (Nacho) Deschamps, “BNP Paribas Cardif is a world leader in bancassurance,  and shares Scotiabank’s   strategic focus on the use of digital technology and analytics. We are thrilled to partner with BNP Paribas Cardif to provide truly customer-centric solutions in our main markets in the Pacific Alliance”, he commented.

We are proud to work with Scotiabank, a leading financial services provider in the Americas, to deliver to its customers expert advice, insights and solutions. We have been operating in Latin America for 20 years with strong positions in many countries. Considering its large scope and length, our strategic alliance with Scotiabank is a milestone of our development in the region”, stated Jean-Bertrand Laroche, Deputy CEO, Head of International Markets, BNP Paribas Cardif.

“Our mission as a company is to make insurance accessible to the largest possible number of people. Today, there is a great opportunity in Latin America since 70% of its people are not protected. With our expertise and Scotiabank´s network reach, this strategic alliance enhances the best in both companies, creating a unique proposal. Scotiabank is the perfect partner for this challenge,” added Francisco Valenzuela, CEO of Latin America, BNP Paribas Cardif.

Download the press release

La culture d’entreprise, nouveau terrain de jeu pour BNP Paribas Cardif

24 May 2019


Nanterre, 24 Mai 2019


De plus en plus d’entreprises utilisent le jeu dans la gestion de leurs ressources humaines. BNP Paribas Cardif s’approprie les codes de la gamification avec la sortie du jeu « Ages of Cardif ».


Le jeu a de multiples vertus pour un employeur. « Véritable langage universel, il installe les salariés dans un espace totalement sécurisé où ils peuvent apprendre sans s’ennuyer, expérimenter, tester leurs capacités à résoudre des difficultés, se révéler dans des situations inédites », explique Hélène Michel, Professeur en management de l’innovation et spécialiste en serious game. C’est pour ces raisons que BNP Paribas Cardif a lancé Ages of Cardif. Ce jeu s’inscrit doublement dans le plan de transformation de l’entreprise : il participe à la volonté de BNP Paribas Cardif de développer les nouvelles méthodes de travail, tout en permettant aux collaborateurs de se familiariser avec ce plan de transformation et d’en devenir les premiers acteurs. Brigitte Feist, sponsor du projet, le souligne : « Il s’agissait d’une part de renforcer l’implication de nos collaborateurs et d’accélérer l’intégration des nouveaux arrivants, partout dans le monde. Et d’autre part, de nous affirmer comme « entreprise apprenante » en développant l’agilité et la capacité d’adaptation de nos employés. » BNP Paribas Cardif a choisi le jeu vidéo car les modes de formation classiques paraissaient inadaptés à l’atteinte de ces objectifs.  « Les sessions classiques en présentiel, par exemple, étaient trop descendantes, poursuit Brigitte Feist. Par ailleurs, le jeu nous permettait d’ancrer dans notre démarche des éléments facilitant la mobilisation et les apprentissages, comme l’émotion et les itérations. En outre, c’était une manière d’innover en suivant les évolutions sociétales car aujourd’hui, beaucoup de gens jouent dans leur vie privée. »

Coopération, compétition et vraie cause à défendre

Ages of Cardif est un serious game, né de la personnalisation d’un jeu vidéo existant : Guild’Up. C’est aussi un social game, qui se joue en communauté sur un mode de coopération/compétition. Il se joue par sessions de quelques minutes et est ponctué de challenges et de quizz, visant notamment à faire mieux connaitre l’entreprise, ses fondamentaux, son environnement, sa stratégie. Chaque joueur a des challenges individuels à réaliser, mais aussi des challenges collectifs. A sa première connexion, chaque joueur choisit une guilde à laquelle est adossée une association caritative. Il collecte tout au long de son parcours de jeu et du franchissement de niveaux, des points qui sont convertis ensuite en don pour l’association qu’il soutient.  Le jeu se déploie à travers des saisons successives, ce qui permet de d’approfondir et de faire évoluer les sujets traités en fonction des évolutions de BNP Paribas Cardif. Cette mécanique, développée avec la start-up Eden Quest, est originale. Ages of Cardif se distingue également par la manière dont il est déployé, à rebours des pratiques usuelles dans l’univers professionnel. Tous les collaborateurs de BNP Paribas Cardif peuvent y jouer, sur une base totalement volontaire et en accord avec les nouveaux usages : à tout moment, n’importe où et sur n’importe quel appareil (le poste de travail, mais aussi le smartphone, la tablette… au bureau, comme chez soi). « Nous serons très heureux si de nombreux collègues se connectent à la plate-forme. Mais ce qui nous importe vraiment c’est qu’ils expérimentent les nouvelles façons de travailler et d’apprendre, car c’est pour nous un laboratoire vivant qui va conforter notre dynamique d’innovation », note Brigitte Feist. « Un social game, par la variété et la richesse des interactions entre les gens, fait évoluer l’organisation des entreprises, questionnant leur vision et leurs pratiques et encourageant l’émergence de manières de voir et de faire différentes, confirme Hélène Michel. Ce n’est d’ailleurs pas un hasard si, après les directions de la communication, du marketing et des ressources humaines, les directions de l’innovation s’emparent à leur tour du jeu. »

Le jeu, levier de transformation

S’il est trop tôt pour juger de l’impact d’Ages of Cardif sur BNP Paribas Cardif, les premiers retours des joueurs ont d’ores et déjà fait évoluer la plate-forme. « Nous avions sous-estimé l’animation des communautés de joueurs rassemblés dans nos guildes et nous rectifions ce point, illustre Brigitte Feist. Les remarques que nous collectons sont très utiles car nous sommes dans une logique d’amélioration continue. Pour l’instant, nous apprenons encore, ce qui ne nous empêche pas d’avoir beaucoup d’idées pour la suite ! ». La suite, justement, devrait prendre d’autres formes que ce premier social game. BNP Paribas Cardif entend en effet utiliser à plein le levier de transformation qu’est la gamification. Lors d’un programme de formation d’une année dédié à la culture de service, elle a notamment initié un module entièrement consacré au serious game. Le principe ? Réunir des étudiants de l’école de management de Grenoble et six managers internationaux de BNP Paribas Cardif pour co-construire, en une semaine, trois prototypes de jeux.



BNP Paribas Cardif achieves gender parity on Board of Directors

23 May 2019

Nanterre, May 23rd 2019


Following the appointment of Véronique Riches-Flores as a member of the Board of Directors, BNP Paribas Cardif, the world leader in bancassurance partnerships and creditor insurance[1], now has a board with equal representation of women and men, as does the insurer’s Executive Committee. This balanced makeup of BNP Paribas Cardif’s governance bodies reflects a commitment to bringing together recognized experts from richly diverse professional backgrounds while promoting gender diversity. 


Véronique Riches-Flores, 58, began her career as an economist with the international division of the French economic research center OFCE. In 1990 she became Chief Financial Economist with the finance department of CEPME (now the Bpifrance state investment bank). In 1994 she joined Société Générale, first as Chief Economist for the business development department and then Chief Economist for SG Corporate and Investment Banking. Véronique Riches-Flores has been an independent economist since 2012 and is the founder and head of the RichesFlores Research firm. She holds a master’s degree in economics and international finance from the Université de Paris I Panthéon Sorbonne.


With seven women and seven men, the Board of Directors of BNP Paribas Cardif counts five independent directors:

·       Elisabeth Gehringer, Certified Actuary

·       Olivier Le Grand, Chairman of the Giacometti Foundation, Treasurer of the GoodPlanet Foundation

·       Véronique Riches-Flores, Economist, Founder and Chairman of RichesFlores Research

·       Marie-Hélène Sartorius, Corporate director

·       Paul Villemagne, Honorary Chairman


The Board of Directors also comprises several BNP Paribas executives:

·       Pierre de Villeneuve, Chairman

·       Marguerite Berard, Member of the BNP Paribas Executive Committee, Head of French Retail Banking Networks

·       Véronique Cotten, Head of Strategic Management Control, BNP Paribas Finance Group

·       Jacques d'Estais, Member of the BNP Paribas Executive Committee, Deputy Chief Operating Officer and Head of International Financial Services

·       Renaud Dumora, Member of the BNP Paribas Executive Committee, CEO of BNP Paribas Cardif

·       Aude Gaudin, Chief of Staff, International Financial Services

·       Yves Martrenchar, Member of the BNP Paribas Executive Committee, Head of Group Human Resources

·       Catherine Olivier, Deputy Director, BNP Paribas Group Legal Affairs

·       Jean-François Pfister, Head of Risk Management, BNP Paribas International Financial Services


Download the press release

[1] Source: Finaccord - 2018

Qu’est-ce que la loi Eckert ?

09 May 2019

Qu’est-ce que la loi Eckert ?

La loi Eckert est venue compléter le dispositif législatif existant et concerne les comptes bancaires inactifs et les contrats d’assurance-vie en déshérence (contrats qui ne font pas l’objet d’une demande de versement de prestation ou du capital). Elle a pour objectif de protéger les intérêts des clients en facilitant la recherche de bénéficiaires de contrats d'assurance-vie et en accélérant le règlement des capitaux. Initiée en novembre 2013 par Christian Eckert, secrétaire d’Etat au Budget, elle est entrée en vigueur au 1er janvier 2016.

Quelles sont les principales mesures de cette loi ?

· La revalorisation post-mortem du capital garanti

La loi prévoit une revalorisation du capital garanti, à un taux minimum fixé par décret. Cette revalorisation intervient désormais à compter de la date du décès de l’assuré et jusqu’à la date de réception des pièces nécessaires au règlement ou le cas échéant jusqu’au dépôt du capital à la Caisse des dépôts et Consignations.

· Délai et modalités relatives aux pièces nécessaires au paiement de la prestation

Depuis le 1er janvier 2016, la loi introduit de nouvelles dispositions pour favoriser le règlement rapide des contrats. L’assureur doit demander au bénéficiaire de fournir les pièces nécessaires au règlement dans un délai de 15 jours à compter de la réception de l’avis de décès et de la prise de connaissance des coordonnées du bénéficiaire.

A réception de l’ensemble de ces pièces justificatives, l’assureur dispose d’un délai d’un mois pour effectuer le paiement de la prestation. Dans le cas où l’assureur ne respecte pas ce délai de paiement, la loi prévoit des pénalités de retard.

· L'obligation de consultation annuelle du RNIPP étendue

Depuis 2007, les compagnies d'assurance doivent consulter annuellement les données figurant sur le Registre National d’Identification des Personnes Physiques (RNIPP) afin de s’informer du décès éventuel de leurs assurés. En cas de décès du titulaire du contrat, les assureurs doivent rechercher activement les bénéficiaires du contrat afin de leur verser les capitaux qui leur reviennent.

Désormais, chaque année, ces établissements doivent rendre public un certain nombre d’informations concernant les recherches effectuées au cours de l’année (l’encours des contrats concernés, les sommes versées suite à ces démarches, etc.).

D’autre part, les notaires peuvent, lors d’une succession et dans certaines conditions, demander à l’administration fiscale communication des informations figurant sur le fichier Ficovie, qui recense les contrats d’assurance vie et contrats de capitalisation souscrits. Le patrimoine de leur client décédé peut ainsi être mieux identifié. Ce fichier est mis en place depuis 2016.

· Transfert à la Caisse des Dépôts et Consignations des capitaux en déshérence

A l’issue d’un délai de 10 ans à compter de la date de connaissance du décès du titulaire du contrat ou du terme du contrat, les sommes dues au titre des contrats d’assurance-vie et de capitalisation, doivent être transférées à la Caisse des Dépôts et Consignations (CDC). La Caisse des Dépôts et Consignations est chargée, quant à elle, d’organiser la publication de l’identité des souscripteurs des contrats dont les sommes lui ont été transférées, afin de faciliter la recherche des contrats non réglés et de protéger le droit des épargnants et bénéficiaires.

Dans le cas où ces montants demeurent non réclamés par leurs titulaires ou par leurs ayants droit (bénéficiaires), à l’issue d’un délai de 20 ans à compter de la date de leur dépôt à la CDC, elles sont définitivement acquises à l’État.

· Publication annuelle du bilan prévu par la Loi Eckert

L'arrêté du 24 juin 2016 publié au journal officiel de la République française le 9 juillet 2016 s'inscrit dans la mise en œuvre de la loi « Eckert ». Désormais aux termes de ce texte, les assureurs et les mutuelles ont notamment l'obligation de publier « annuellement sur [leur] site internet (...) ou sur tout support durable dans un délai de 90 jours ouvrables à compter du 1er janvier de chaque année », leur bilan de la mise en œuvre de la loi Eckert.

Pour accéder à notre bilan prévu par la loi Eckert cliquez ici.


Bon à savoir :

Au moment de la souscription de vos contrats, il est important d’être rigoureux et précis sur les informations que vous communiquez vous concernant : nom, prénoms, date et lieu de naissance, adresse etc.

Il en est de même pour la rédaction de la clause bénéficiaire. Veillez à être le plus clair et le plus précis possible dans la désignation de vos bénéficiaires afin que l'assureur puisse les retrouver facilement.

Pour en savoir plus, cliquez ici.

Preparing for the jobs of tomorrow with General Assembly

11 April 2019


More than 50% of jobs are at risk of automation in less than 10 years. The idea of a global skills gap is a growing concern in modern societies. To that end, BNP Paribas Cardif has partnered with General Assembly to prepare the workforce of the future. Renaud Dumora, CEO of BNP Paribas Cardif and Jake Schwartz, Co-founder and Chief Executive Officer of General Assembly, share the first lessons on this partnership, on the occasion of a Forum on “the need for reskilling” they co-organised in Paris.


The future of work is at the heart of companies’ strategies. How do you both respond to this ambition?

Jake Schwartz : Today, with the rise of AI and automation, there is a high level of anxiety in society about the future of work and the skills gap. However, there are countless reasons to be optimistic as this new future presents to create new jobs and pathways to economic mobility! This is why we created General Assembly, which core mission is to equip people with skills to pursue the work they love.

Renaud Dumora : No jobs are safe from disruption in the coming years. Therefore, it is essential to provide employees with the necessary skills to embrace progress, rather than fear the future. Putting them first is very important to ensure an organization like BNP Paribas Cardif  has the right skills in 5 to 10 years. This is why we try to anticipate which jobs would change and which would ultimately disappear.


What is the objective of this partnership?

J.S: We share the same vision and ambition: put people at the center of the set up. Our objective is to provide clear return on investment for employees and organizations. For this purpose, we anticipate the needs, adapt continuously the trainings to these needs and offer a model based on a strong “learning-by-doing” method, combined with expert instructors. With this approach, we’ve been helping a number of large companies to invest meaningfully in their employee’s skills and their talent pipeline, and we are very proud to be partnering with BNP Paribas Cardif to power their “Skill Up” initiative and to develop the talents they need.

R.D: Our employees are our first asset and we need to help them develop their skills to prepare themselves for the future. It is critical for them to be able to leverage new technologies like machine learning, natural language processing, Internet of Things etc. There is a real demand for learning and development, and this is why we chose General Assembly for a 5-year partnership. From now until 2022, our goal is to train 1000 employees of BNP Paribas Cardif. We open the sessions to BNP Paribas group staff as well as to our distributors partners, in order to develop their talents, and to embrace the transformation we are facing.


With this partnership, a joint project has been launched: The Skill Up program. Concretely, how does it work?  

J.S: Our focus is to combine the best components of both graduate and vocational trainings. Concretely, we work with instructors who are leading experts in their field, so people can learn from practitioners with real business knowledge. In the case of BNP Paribas Cardif, all staff do not need to re-skill, but for a large-scale organization, it is also essential to help employees maintain their skillset current, and to help them understand the importance of these changes.  

R.D: The Skill Up program has begun in June 2018 : we have chosen it to be an international program, as we operated in 35 countries. Our teams are being up-skilled or re-skilled on skills such as data science or UX design and with a focus on the customer centricity. This program is dedicated to our employees but it was also important to onboard their managers and even our executive committee, to make them experience the benefits of working with new skills and new mindset in a more agile culture.

To sum up, we first outlined the needs of the organization, and planned the sessions. Then, candidates were invited to write motivational letters and a process has been put in place, with managers, to validate applications. Furthermore, the benefit of this training is that employees can work on real professional projects, including projects co-built with partners.


What are the expected results for employees?

J.S: The success of General Assembly is based on starting with the ultimate goals of the companies in mind, and working backwards diligently to achieve them. This is eventually a win-win strategy for both the company and its employees, who benefit from cutting-edge learnings, and are thus more likely to stay.

R.D: Measuring the skills the company needed was a very important first step. The process is really just beginning and I am thrilled by the enthusiasm of our teams! We are focused on allowing our employees to adapt, to develop soft skills and to be committed to lifelong learning within the company.






BNP Paribas Cardif posts record gross written premiums for 2018 and confirms 2020 objectives

28 March 2019
March 28th 2019


BNP Paribas Cardif, the world leader in bancassurance partnerships and creditor insurance[1], had record gross written premiums in 2018 in both the savings and protection insurance segments. The year was marked by the successful launch of Cardif IARD across the BNP Paribas French Retail Banking network. The insurer is successfully moving forward with its digital transformation and continues to deploy its development plan.      BNP Paribas Cardif confirms its trajectory for 2020 while sustaining a focus on having a positive impact on society.


Record gross written premiums


BNP Paribas Cardif reported record gross written premiums, exceeding the 30 billion euro milestone.


·         Gross written premiums for the insurance business of BNP Paribas totalled 31.8 billion euros at year-end 2018, an increase of 9%[2] over 2017. The savings segment reached gross written premiums of 24.7 billion euros, an increase of 10%2 compared with 2017, while the protection insurance segment accounted for 7.1 billion euros (+4%2 compared with the previous year).


·         Pre-tax net profit was 1.5 billion euros. Pre-tax net profit was virtually stable at constant scope and exchange rates (-0.3%), integrating the impact of the downturn in financial markets at the end of the year.


·         At 31 December 2018, BNP Paribas Cardif had 239 billion euros in assets under management, an increase of 1% compared with 2017.



Strategic partnerships in multiple sectors


BNP Paribas Cardif launched or renewed nearly 120 partnerships around the world in 2018, including several strategic partnerships with major players in a diverse range of industries and countries:


·         Retail: BNP Paribas Cardif also expanded its cooperation with HP Tronic, a major player in household appliances, consumer electronics, computers and mobile phones in the Czech Republic and Slovakia.


·         Telecommunications: Orange, one of the world’s leading telecoms operators, selected BNP Paribas Cardif to provide insurance cover for the smartphones and tablets of its clients in France.


·         Banking: 2018 saw the launch of the joint venture created in Japan between BNP Paribas Cardif and Sumitomo Mitsui Trust Bank, an establishment that is part of the country’s fourth-largest banking group.


·         Automobile: In Russia, BNP Paribas Cardif renewed its partnership with RN Bank, a subsidiary of RCI Bank and Services (Renault group).


Another major event in 2018 was the launch in May of the new property and casualty insurance offer from Cardif IARD, a joint venture between BNP Paribas Cardif and Matmut. More than 100,000 policies had already been sold by BNP Paribas retail branches at the end of 2018. The objective is to triple sales of property and casualty policies by 2020 and boost the percentage of BNP Paribas retail clients insured from 8% to 12%.


BNP Paribas Cardif once again demonstrated its ability to seize development opportunities by signing partnerships with major distribution partners. BNP Paribas Cardif now works with 500 partners[3] in 35 countries and counts the largest number of bancassurance partnerships in the world[4].


Building on its experience in creditor insurance, BNP Paribas Cardif is the global leader in this business segment1.


Cardif Forward: concrete progress and confirmation of 2020 objectives


BNP Paribas Cardif continues to actively deploy its 2017-2020 development plan with actions that remain focused on better satisfying its partners and their clients. These objectives are supported by five pillars:


·         Increase profit margins and balance risks,

·         Create new experiences for policyholders and partners,

·         Transform data into value for clients,

·         Increase employee growth and satisfaction,

·         Sustain growth by diversifying business activities.


Several initiatives in 2018 contributed to transforming the client experience:


  • Successful digital transformation of business relations with financial advisors and insurance brokers in France. In early 2018, BNP Paribas Cardif signed a partnership agreement with software developer Manymore. Since then, financial advisors and insurance brokers have been able to progressively transition to a digitized process for savings and retirement contracts offered by BNP Paribas Cardif. These initiatives were extended to protection insurance in February 2019, when the insurer took another step towards digitization of its creditor insurance policy by introducing online completion of the required medical questionnaire.  The objective of this new process is to enable 90% of policyholders who subscribe Cardif Liberté Emprunteur[5] mortgage insurance to obtain immediate approval directly online. Between now and 2020, BNP Paribas Cardif will have invested 17 million euros in developing its business with financial advisors and insurance brokers.


·         Solutions aligned with the lifestyles and needs of clients. In June 2018, BNP Paribas Cardif introduced a new personal protection policy marketed by Sumitomo Mitsui Trust Bank in Japan. The Life Cycle Plan enables individuals to select different types of protection cover to match their needs. The policy is simple and easy to understand, making it possible to add or cancel coverage for specific risks throughout the life of the policyholder. The offer provides a single subscription and claims form to simplify the client experience.     BNP Paribas Cardif is developing numerous similar offers to adapt to the needs of its clients, both in savings (in Italy, the Power YOUnit contract reinvents investment by adapting to the requirements of the client) and in protection (in Colombia, the insurer offers a complete ecosystem covering information, services and training to help policyholders return to the workforce).


·         Chatbots to support clients and facilitate their experience. BNP Paribas Cardif teams currently have a dozen different chatbots in development around the world to enhance the client experience. In South Korea, KakaoTalk – the most popular instant messaging application in the country – can be used by clients to ask questions or modify their insurance policy. In France, a virtual advisor specialized in inheritance issues helps beneficiaries of a life insurance policy with formalities and answers their questions.


·         Powerful tools to unlock the value in data. BNP Paribas Cardif uses the Domino platform to develop and manage its artificial intelligence algorithms in a single environment that can be accessed from the 35 countries where the insurer is present. Icare, the BNP Paribas Cardif subsidiary specialized in extended warranties and maintenance for motor vehicles, is one of the first entities to leverage this platform with the introduction of a dynamic monitoring model for the complex risks related to its business. Several countries now benefit from this tool, which allows them to automate processes.


Active commitments to society


As a committed insurer, BNP Paribas Cardif works to make insurance available to the largest possible number of people and have a positive impact through all its activities. These commitments encompass every aspect of society.


·         Environment : Socially Responsible Investment (SRI) has been a pillar of BNP Paribas Cardif’s investment strategy for more than a decade. In 2017 the insurer set a target of 2.4 billion euros in green investments by the end of 2020, which it achieved by the end of 2018. BNP Paribas Cardif recently announced that it has raised this objective and is aiming for 3.5 billion euros in green investments by the end of 2020 in order to finance the energy transition and mitigate ecological footprints.


·         Business: BNP Paribas Cardif supports businesses of all sizes in a wide range of sectors. In 2018, the company invested in Elior and Neoen within the framework of the Fonds Stratégique de Participations (FSP, Strategic Equity Fund), in the NOVO fund, which finances growth and innovation for small and mid-size businesses. In addition, BNP Paribas Cardif supports a dozen startups via its C. Entrepreneurs fund. What’s more, by proposing private equity unit-linked vehicles in its life insurance and capitalization contracts since 2016, the insurer contributes to the long-term development of unlisted companies. BNP Paribas Cardif recorded nearly 100 million euros in new cash in private equity at 31 December 2018. All these initiatives support the real economy.


·         Clients: In 2018 BNP Paribas Cardif simplified and digitized the subscription process for creditor insurance in several countries, including France, Belgium and Japan. In France, by the end of 2018, 150,000 policies for clients of BNP Paribas retail banking branches had already benefited from this innovative process. In Belgium, nearly 80% of creditor insurance policies subscribed via brokers were automated. The client experience was also improved in Japan with the introduction of an online medical questionnaire.


·         Employees: The insurer signed a partnership contract last year with General Assembly[6] with a commitment to training 1,000 employees in tomorrow’s in-demand skills by 2022 thanks to the Skill Up programme, designed to enhance their expertise or reskill by learning new competencies. The training kicked off with sessions on data and UX Design[7]. In just a few months, more than 300 people have already been trained. The insurer plans to open these sessions to employees of its partners and the BNP Paribas Group as well.


>> An infographic showing 2018 Key figures for BNP Paribas Cardif is available here.

>> Download the press release



Gross written premiums for the insurance business of BNP Paribas totalled 31.8 billion euros at year-end 2018, an increase of 9%2 over 2017.

Pre-tax net profit was 1.5 billion euros, virtually stable at constant scope and exchange rates (-0.3% compared with 2017). At historical scope and exchange rates, pre-tax net profit declined 20.8%. Results for 2017 were in particular marked by the exceptional impact of a capital gain from the sale of a 4% stake in BNP Paribas Cardif’s Indian subsidiary SBI Life[8].


Domestic markets (France, Italy and Luxembourg) for the BNP Paribas Group’s insurance business recorded gross written premiums of 22.0 billion euros in 2018, an increase of 10.3% compared with 2017.

France had gross written premiums of 14.5 billion euros, an increase of 13.6% compared with 2017. Savings gross written premiums were 13.0 billion euros, an increase of 15.3% over 2017. Inflows in unit-linked contracts represented 30% of total inflows (stable vs. 2017). Protection gross written premiums were stable compared with 2017, reaching 1.5 billion euros. The protection segment covers creditor insurance, personal insurance, property and casualty insurance (gross written premiums for Cardif IARD totalled 162 million euros in 2018), as well as extended warranties for motor vehicles (through the Icare Assurance subsidiary, which recorded gross written premiums of 78 million euros, up 4.3% over 2017).

In Italy, gross written premiums were 4.8 billion euros, an increase of 7.8% compared with 2017. Savings gross written premiums in Italy were 4.1 billion euros, up 8% over 2017. Following lower inflows in the general fund in 2017, the Italian subsidiary posted growth of 14% in 2018, driven by the launch of new products. Gross written premiums from protection insurance totalled 731 million euros, an increase of 6.5% compared with 2017. This growth was led by creditor and property and casualty insurance.

In Luxembourg, gross written premiums at Cardif Lux Vie remained stable at 2.7 billion euros, with 64% of inflows in unit-linked contracts. In December 2018 BNP Paribas Cardif finalized the acquisition of the stake held by Ageas (33.33%) in Cardif Lux Vie, announcing the signature of the final agreement on 31 October 2018. BNP Paribas Cardif is the majority shareholder in Cardif Lux Vie with a 66.67% stake. The interest of BGL BNP Paribas in Cardif Lux Vie remains unchanged (33.33%).


In international markets (Asia, Latin America and Europe, excluding domestic markets), the insurer recorded aggregate gross written premiums of 9.9 billion euros, an increase of 5.1%2 compared with 2017:

Asia had gross written premiums of 4.9 billion euros in 2018 an increase of 6.5%2 compared with the previous year, reflecting business growth in India (+17% vs. 2017) and Taiwan (+5%2 vs. 2017).

Latin America continued its growth momentum in protection insurance with gross written premiums rising to 1.7 billion euros (+4.2%2 vs. 2017), with particularly strong performance in Brazil, Chile and Mexico.

Europe (excluding domestic markets) and emerging markets recorded a 3.5%2 increase over 2017 with gross written premiums of 3.3 billion euros.



[1] Source: Finaccord - 2018

[2] At constant exchange rates

[3] Including banks, financial institutions, consumer credit companies, automobile sector businesses, retailers, telecommunications companies, financial advisors and brokers.

[5] Cardif Liberté Emprunteur, a BNP Paribas Cardif creditor insurance policy marketed by financial advisors and brokers.

[6] General Assembly is a pioneer in professional education and career management specialized in tomorrow’s in-demand skills.

[7] UX Design is the process of creating websites or applications that take into account and anticipate user needs.

[8] At Initial public offering of SBI Life on the Bombay Stock Exchange and the National Stock Exchange of India in October 2017.


BNP Paribas Cardif sets target of 3.5 billion euros in green investments by end 2020

28 March 2019

March, 18th 2019


The company is strengthening the socially responsible investment strategy initiated in 2008, taking new measures to support the energy transition and reduce ecological footprints. 


A target of 3.5 billion euros in green investments[1] by end 2020

As the energy transition is part of its CSR strategy priorities, BNP Paribas Cardif announced in 2017 a commitment to reaching 2.4 billion euros in green investments by the end of 2020. In just two years the insurer has more than doubled its green investments[2] within the framework of its general funds in its domestic markets (France, Italy, Luxembourg), supporting financing of the energy transition and reduction of ecological footprints.

BNP Paribas Cardif has decided to raise its objective by 1.1 billion euros to reach 3.5 billion euros in green investments by the end of 2020. The insurer will continue to contribute to the development of green bonds which finance projects with high environmental value, and to continue its positive environmental impact investments.


Reduced exposure to coal

BNP Paribas Cardif continues to reduce the exposure to coal in the investment portfolios managed directly for the general funds in its domestic markets[3]. This initiative is aligned with the sector policy of the BNP Paribas group, which establishes guidelines in particular governing activities involving coal-fired power generation.

Within the scope of its directly managed activities, BNP Paribas Cardif now no longer finances any power generation businesses whose coal-fired power accounts for over 30% of their total installed power generation capacity.

Application of this sector policy covers investment flows and securities already held directly in the general funds. This is why in 2018 the insurer divested 200 million euros in investments in companies in the coal-fired power generation sector[4].

In addition to these initiatives, BNP Paribas Cardif is pursuing its shareholder engagement to encourage change in practices by issuers. As a major source of financing for the economy and direct holder of shares, BNP Paribas Cardif is strengthening its shareholder engagement policy by integrating new Environmental, Social and Governance criteria (ESG), in particular concerning diversity and human rights. The insurer applies this strategy to all directly held shares within the general funds in its domestic markets.


Responsible management of real estate investments 

BNP Paribas Cardif continues to apply more demanding environmental criteria to its real estate holdings in France. The company has committed to a 30% reduction in energy consumption for its 55 office buildings (representing 658,956 square metres) by 2020. BNP Paribas Cardif pursues innovative energy renovation and investment initiatives – such as financing for the Java building in Paris, which operates without air-conditioning, planted surfaces on buildings, wood construction, etc. – in order to reduce greenhouse gas emissions and improve biodiversity.


“We believe that insurance companies have an important role to play in supporting the energy transition. As an institutional investor we are pursuing our efforts to fight climate change while combining financial performance and social responsibility,” says Olivier Héreil, BNP Paribas Cardif Deputy Chief Executive Officer, Asset Management.


Download the press release

[1] According to sustainable finance specialist Novethic, green investments are considered as socially responsible investments (SRI) and apply to all investments that aim to encourage the energy transition and reduce environmental footprints.

[2] 2.4 billion euros at end 2018

[3] Representing a total of 114.5 billion euros in 2018

[4] Power generation companies for which coal-fired power accounts for at least 30% of their total installed power generation capacity.

BNP Paribas Cardif announces excellent results for 2017 and very good start for 2020 development plan

28 March 2019

Nanterre, 29 March 2018

The world leader in insurance partnerships[i], BNP Paribas Cardif recorded excellent results for 2017. All key indicators for the contribution of the insurance business to BNP Paribas Group results (gross written premiums, pre-tax net profit, assets under management) showed strong growth. Initial progress in executing the Cardif Forward development plan launched in 2017 allows the insurer to confirm its objectives for 2020.


Significant increase in results


BNP Paribas Cardif results for 2017 showed strong growth:


  • Gross written premiums for the insurance business of BNP Paribas totalled 29.7 billion euros, an increase of 9.3%[ii] over 2016. Growth in gross written premiums came from both savings (22.6 billion euros, +10%2 versus 2016) and protection insurance (7.1 billion euros, +7%2). The insurer delivered good performance in Europe and benefited from strong momentum in Asia and Latin America (see appendix).

  • Pre-tax net profit was 1.9 billion euros. At constant scope and exchange rates, pre-tax net profit rose 9%, reflecting excellent operating performance generated by the growth in business volumes and efficient management of losses and claims. Taking into account the exceptional gain from the sale of 4% of its Indian subsidiary SBI Life[iii] and the impact of the acquisition of 100% of Cargeas Assicurazioni, a major provider of non-life insurance in Italy, pre-tax net profit was up 36.4% over 2016.

  • At 31 December 2017, BNP Paribas Cardif had 237 billion euros in assets under management, an increase of 4.9% compared with the previous year.


Promising start for Cardif Forward plan


BNP Paribas Cardif, a growth engine for the BNP Paribas Group, deployed its 2017-2020 development plan, one of the main components of which is creating new experiences for its clients and partners. To achieve this, the insurer is leveraging its data expertise to become more agile, and aims to automate 80% of its processes by 2022.

Numerous initiatives were launched around the world in 2017 to provide rapid and transparent service delivery paths for both partners of BNP Paribas Cardif and their clients. They include:


  • In France, BNP Paribas Cardif digitized the creditor insurance subscription


  • In Spain, BNP Paribas Cardif is testing a new service for managing creditor insurance claims. Thanks to artificial intelligence, the insurer will be able to automatically analyze documents and make monthly loan repayments without waiting for all supporting documents. This will allow a third of clients to receive immediate approval. For claims requiring additional documents, the claim will be acted on in less than four hours after the documents are received.


  • In Colombia, the insurer has provided partners and clients with new digital tools. Partners have a web portal and a mobile application to track activity indicators in real time, check information on policyholders and access training resources. These digital tools have already enabled 3,000 salespersons to adjust the way they work to better satisfy the needs of their clients.


  • In South Korea, BNP Paribas Cardif has digitized communications with clients using the KakaoTalk platform, the most popular messaging application in the market. This is an example of how the insurer adapts to the habits and tools used daily by its clients. This initiative limits mail and speeds exchanges. It was adopted by 20% of clients in just a few months. The solution will add more features in the months ahead such as enabling clients to check performance information or change the terms of their insurance policy.


Strengthening a partnership model that drives growth and creates value


BNP Paribas Cardif distributes its products through 500 partners in a variety of sectors[iv] and has the largest number of bancassurance partnerships in the world1. Thanks to its proven expertise in insurance partnerships, BNP Paribas Cardif captures growth opportunities and continually develops partnerships with new distributors and new industries in markets around the world.

Deployment of the insurer’s strategy plan led to an extension of its global partnership with Volkswagen Financial Services, as well as a significant number of new agreements, including:

  • In Turkey with the financing unit of Turkcell, the leader of the Turkish telecom sector,

  • In Japan, creating a joint venture with Sumitomo Mitsui Trust Bank, which is part of the country's fourth-largest banking group,
  • In Chile with Itau, one of the largest banking groups in Latin America

2017 was also marked by the successful initial public offering in India of SBI Life, a joint venture between the bank SBI and BNP Paribas Cardif. Following the operation[v], BNP Paribas Cardif booked a capital gain on the sale of its equity interest of 326 million euros. BNP Paribas Cardif now holds 22% of SBI Life, a stake valued at 2 billion euros[vi]. This initial public offering is a major milestone in the history of the joint venture and demonstrates BNP Paribas Cardif’s ability to generate value with its partners. Founded 17 years ago, SBI Life is the leading privately held life insurance company in India. It operates through its 98,000 agents and SBI’s 22,000 bank branches.


Strong acceleration in property and casualty insurance


In line with the objectives of its strategic plan, BNP Paribas Cardif continues to diversify its business mix and accelerate its growth in the property and casualty insurance market:


  • In 2017, BNP Paribas Cardif acquired 100% of Cargeas Assicurazioni, a provider of non-life insurance in Italy. This transaction, which creates growth potential, enables BNP Paribas Cardif to strengthen its position in the property and casualty insurance market and offer a complete range of insurance for its clients.

  • Icare, a subsidiary of BNP Paribas Cardif specialized in extended warranties for motor vehicles[vii], continued to grow in Europe thanks to new partnerships in Italy and Germany. The unit’s insurance gross written premiums reached 74 million euros, an increase of 18% over 2016.

  • In France, 2018 will see the launch of Cardif IARD, a joint insurance company held 66% by BNP Paribas Cardif and 34% by Matmut. The company will market a range of property and casualty insurance solutions. Signed in late 2016, this partnership reflects BNP Paribas Cardif’s commitment to building its positions in this strategic market in France.


Acommitted enterprise with positive impact on society

On the strength of its excellent results and numerous development initiatives in 2017, confirming progress in executing its strategic plan, BNP Paribas Cardif confirms the objectives for 2020 announced in 2017: additional revenues of 400 million euros and continued RONE[i] in excess of 18%.


BNP Paribas Cardif will pursue its growth while strengthening its positive impact on society:

  • As a global specialist in personal insurance BNP Paribas Cardif makes insurance available to the largest possible number of people. The company has initiated a program to simplify all commercial documents for clients to make insurance easily understandable by everyone. In three years, more than 10,000 documents have been rewritten in language understandable by the majority of consumers[ix] in France and other countries. In order to make insurance available to vulnerable segments of the population, BNP Paribas Cardif became one of the first insurers in France to facilitate insurance subscription


  • As an institutional investor, BNP Paribas Cardif manages savings that policyholders entrust to the company with a two-fold priority: combine financial performance and positive impact on society. To support financing of the energy transition, in just one year, the company increased green investments[x] by 46%. The insurer also believes that it has an active role to play in reducing inequality and also invests in funds with significant social impact: BNP Paribas Cardif finances more than 6,000 emergency shelter units via the Hémisphère fund[xi] and is one of the main investors in the Fonds de Logement Intermédiaire (FLI) fund, which has provided accommodation for 644 families in rent-controlled housing since 2015.


  • As an employer of 10,000 people worldwide, BNP Paribas Cardif offers a motivating work environment for staff and supports them in achieving a healthy work/life balance. In France, employees who are care-givers have access to a specialized assistance platform to help them care for loved ones who are aged, can no longer live independently, are sick or disabled. In Turkey, the company created a personalized program called Flexbox, which offers a range of benefits (leave, meal vouchers, health insurance, etc.) to meet different needs


An infographic showing 2017 key figures for BNP Paribas Cardif is available here.





Domestic markets (France, Italy and Luxembourg) for the BNP Paribas Group’s insurance business recorded gross written premiums of 19.9 billion euros in 2017, an increase of 7% compared with 2016.

France had gross written premiums of 12.8 billion euros (+10% vs. 2016). Savings gross written premiums totalled 11.3 billion euros, up 10% over 2016. Unit-linked contracts accounted for 30% of inflows (26% in 2016), supported by favourable market trends. Protection gross written premiums reached 1.5 billion euros (+3% vs. 2016). The protection segment covers creditor insurance, personal insurance, property and casualty insurance and extended warranties for motor vehicles (through the Icare Assurance subsidiary, which recorded gross written premiums of 74 million euros, an increase 18% compared with 2016).


Italy had gross written premiums of 4.4 billion euros, a slight 2% decline compared with the previous year, including 3.8 billion euros in savings. The Italian subsidiary experienced lower inflows to its general fund but continued to developed unit-linked contracts (36% of inflows in 2017 vs. 24% in 2016). Protection gross written premiums were 687 million euros in Italy, a 4% increase compared with the previous year.


In Luxembourg, Cardif Lux Vie had gross written premiums of 2.7 billion euros, up 13% over 2016, with 70% of inflows in unit-linked contracts (compared with 55% in 2016).


In international markets (Asia, Latin America and Europe, excluding domestic markets), the insurer recorded total gross written premiums of 9.9 billion euros, an increase of 14%2 in comparison with 2016:

Asia had gross written premiums of 4.8 billion euros in 2017, compared with 3.8 billion euros in 2016 (+27.5%2 compared with the previous year). Inflows were up in India, China, South Korea, Japan and Taiwan, which are BNP Paribas Cardif’s main markets in Asia. Taiwan had a particularly good year with gross written premiums of 2.6 billion euros in savings, of which 97% in unit-linked contracts. Business volume in Taiwan increased 37%2 thanks to the launch of new products and favourable market conditions. Japan was the primary contributor to protection business for the Asia zone thanks to its creditor insurance activities. Gross written premiums in Japan totalled 508 million euros, an increase of 9%2.


Latin America continued to see growth in protection insurance as gross written premiums increased to 1.8 billion euros (+10%2 vs. 2016). Chile, which was BNP Paribas Cardif’s first market in Latin America, recorded gross written premiums of 600 million euros, an increase of 10%2. Brazil swung back to growth with an increase of 12%2 to reach 585 million euros in gross written premiums. Colombia, the insurer’s third-largest market in Latin America, recorded gross written premiums of 262 million euros (+7%2 vs. 2016).


Europe (excluding domestic markets) and emerging markets were stable in comparison with last year (+0.5%2 vs. 2016), totalling gross written premiums of 3.3 billion euros.


Download the press release about our contribution to BNP Paribas 2017 results.

[I] BNP Paribas Cardif is the insurer with the largest number of bancassurance partnerships in the world. Source: Finaccord (

[II] At constant exchange rates

[III] Initial public offering of SBI Life on the Bombay Stock Exchange and the National Stock Exchange of India in October 2017

[IV] Including banks, financial institutions, consumer credit companies, automobile manufacturers, retailers, telecommunications companies, independent financial advisors and brokers

[V] Sale of 4% of shares (IPO price of 700 rupees per share); 22% stake in SBI Life following the IPO

[VI] Based on IPO price

[VII] BNP Paribas Cardif acquired 100% of  Icare in 2014

[VIII] Return On Net Equity (pre-tax)

[IX] Standard language designed to be understood by anyone whose language skills correspond to level B1 of the Common European Framework for Languages, which covers the majority of consumers.

[X] Green investments (including green bonds and infrastructure funds): 1,227 million euros at end 2016;  1,788 million euros at end  2017

[XI] The Hémisphère fund launched by SNI and AMPERE Gestion invests in housing for people in need